Data from the online analysis service Ecoinometrics shows that the Big Sats index of 17. In March, it was revealed for the first time that an American Big Mac from McDonald’s is worth less than 10,000 satoshi.
Bitcoin vs Fiat: Difficult to digest
The Big Sats Index measures the value of the Big Mac based on The Economist’s famous Big Mac Index. The latter was created in 1986 and originally appeared as a tool to measure the strength of different fiat currencies.
The bitcoin equivalent is a kind of ironic commentary on the dish and the food.
As Saifed Ammus argues in The Bitcoin Standard, the billion-dollar market and the rise of the controversial food burger are the result of abandoning the gold standard and adopting a supplyless currency, and the resulting desire for immediate gratification at the expense of long-term prosperity.
Nevertheless, the figures speak for themselves. According to Ecoinometrics, a whole bitcoin for $60,000 buys 10,402 Big Macs, while a hamburger yields a bitcoin for just 9,614 satoshi.
By comparison : The March 2020 crash price briefly cost Big Mac over 100,000 satoshi. However, the last time the price reached 1 million satoshi was in mid-2016.
As Cointelegraph further reports, 1 BTC could buy just over 3,000 burgers by November 2020.
Large oxygen index graph. Source: Econometrics/Twitter
Big Oxygen is just one example that reflects the central argument of bitcoin proponents, which is that fiat currencies tend to undermine bitcoin because the supply of fiat currencies is unlimited.
Last year, thanks to the outbreak of the coronavirus, the thesis was born that governments were increasing the money supply of their national currencies faster than ever outside of hyperinflation.
MSTR/BTC 1 day candlestick chart. Source: Preston Pysch/Twitter
A refreshing counterpoint to the trend that emerged this week is MicroStrategy (MSTR) shares, which rebounded rapidly in the second half of last year after CEO Michael Saylor began converting the company’s balance sheet to bitcoin.
Preston Pysch, host of the Investor Podcast, reveals on social media that MSTR peaked last month before bitcoin’s continued rise coincided with a larger pullback in tech stocks, including those exposed to bitcoin.
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